Tea Party | Political Movement

nationality

American

occupation / innovator as

pundit

trader

journalist

is against refinancing mortgages in the wake of the great recession as it promoted bad behavior by subsidizing losers' mortgages.

On February 18, 2009, the one-month old Obama administration announced the Homeowners Affordability and Stability Plan, an economic recovery plan to help home owners avoid foreclosure by refinance mortgages in the wake of the Great Recession. The next day, CNBC business news editor Rick Santelli criticized the Plan in a live broadcast from the floor of the Chicago Mercantile Exchange. He said that those plans were 'promoting bad behavior' by 'subsidizing losers' mortgages'. He suggested holding a tea party for traders to gather and dump the derivatives in the Chicago River on July 1. 'President Obama, are you listening'' he asked.[105][106][107][108][109] A number of the floor traders around him cheered on his proposal, to the amusement of the hosts in the studio. Santelli's 'rant' became a viral video after being featured on the Drudge Report.[110] [wikipedia]

Rick SantelliThinkers

Rick Santelli